Alvotech Expands its Board of Directors as part of Transition from Private to Publicly Traded Company

Rhea-AI Summary

Alvotech (NASDAQ: ALVO) has expanded its Board of Directors to include four new members, enhancing its independence and diversity. The new board members are Lisa Graver, Arni Hardarson, Linda McGoldrick, and Ann Merchant, who join existing members including Executive Chairman Robert Wessman. This strategic move aims to strengthen governance as the company transitions from private to public. The expertise of the new members in scientific, operational, and capital markets will support Alvotech's mission to improve access to biologic medicines globally.

Positive

• Addition of four new independent board members strengthens governance.
• New members bring diverse expertise in healthcare and capital markets.
• Strategic board expansion may enhance operational effectiveness and company growth.

Negative

• Concerns about integration of new members into existing governance may introduce initial operational challenges.

• Four new members enhance independence and diversity of Board of Directors

Alvotech (NASDAQ and First North Growth Market: ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, today announced the expansion of its board of directors as part of its transition from a private to a publicly traded company. The four incoming board members, Lisa Graver, Arni Hardarson, Linda McGoldrick and Ann Merchant joined Robert Wessman, founder and Executive Chairman, Richard Davies, Tomas Ekman and Faysal Kalmoua. Ms. Merchant, Ms. McGoldrick, and Mr. Davies serve as independent directors of the board.

“I am delighted to welcome our new members of our board at a crucial time in our evolution,” said Robert Wessman, Executive Chairman and founder of Alvotech.  “The scientific expertise, operational experience, and capital markets acumen of the new board members will be important in supporting our mission to enhance the sustainability of the global healthcare system by expanding access to biologic medicines.”

Robert Wessman founded Alvotech in 2013 and has served as Chairman of the Board of Directors since 2019. He is also Chairman of the board of directors of Alvogen and Lotus Pharmaceuticals and serves as a board member at Fuji Pharma Co. Ltd. Prior to founding Alvotech, Mr. Wessman as CEO led Actavis, a small domestic pharmaceutical company, into a global generics company. He then founded Alvogen, transforming it from a CMO into a global generics company and has served as Alvogen’s CEO and Chairman. Mr. Wessman is also a partner in the Aztiq Group (“Aztiq”). He has a BS degree in Business Administration from the University of Iceland. 

Richard Davies currently serves as Deputy Chairman of the Board of Directors for Alvotech and Chairman of the Remuneration Committee.  He also currently serves as CEO of Auregen Bio Therapeutics, and previously served as CEO of Bonesupport, Senior VP and CCO of Hospira and in various leadership roles at Amgen. Mr. Davies holds a BS degree in applied chemistry from the University of Portsmouth and an MBA from the University of Warwick.

Linda McGoldrick serves as Chairman of Alvotech’s Board of Directors’ Audit Committee. She has served in numerous management and non-executive director roles in the healthcare and life sciences industries, internationally. These include leadership positions at Marsh-MMC Companies, Veos, Kaiser Permanente International, Compass Pathways and Zillion. She founded and currently serves as Chairman and CEO of Financial Health Associates International and is the CEO of 2EnableHealth. In 2012, Ms. McGoldrick was named as one of the Top 100 Corporate Directors in Remuneration of Fortune 100 Companies by the Financial Times. She received an MSW in Healthcare from the University of Pennsylvania and an MBA from The Wharton School.

Thomas Ekman has served as one of Alvotech’s directors since 2019. He is a partner at CVC Capital Partners and a member of CVC’s Nordics team. Previously Mr. Ekman was partner and MD at 3i Group. He holds Master of Science degrees from the University of Strathclyde and Chalmers University of Technology and an MBA from IMD in Switzerland.

Lisa Graver has served in various leadership positions at Alvogen since June 2010, including as CEO of Alvogen U.S. since August 2015. Prior to joining Alvogen, Ms. Graver was VP of Intellectual Property and Senior Director of Intellectual Property at Actavis. She holds a BS degree in biology from Lakehead University and a Juris Doctor degree from Case Western University School of Law.

Arni Hardarson is a partner in Aztiq and served as General Counsel and Deputy CEO of Alvogen and been part of Alvogen’s executive team since 2009. Prior to joining Aztiq and Alvogen, Mr. Hardarson was VP of Tax and Structure at Actavis, and served as head of tax and legal services at Deloitte. He holds a master’s degree in law from the University of Iceland.

Faysal Kalmoua has served as one of Alvotech’s directors since 2020 and is a partner in Aztiq. Previously, Mr. Kalmoua held various management positions at Alvogen Iceland ehf. and Alvogen Inc, and for Synthon. He holds a Master of Chemistry degree from Radboud University Nijmegen and an executive MBA from Insead.

Ann Merchant has served as VP for MorphoSys since 2018 and Head of Global Supply Chain since January 2019. Prior to joining MorphoSys, Ms. Merchant served as President of Schreiner Medpharm and held various roles at Amgen, including VP Head of International Supply Chain. She holds an MBA from Henley Business School and a BS degree in languages from Georgetown University.

Alvotech’s shares were listed on the Nasdaq stock exchange in New York on June 16, 2022. Following the debut of Alvotech as a publicly traded company, the largest Icelandic company to make its debut on a U.S. stock exchange, Alvotech was also listed on the Nasdaq First North Growth Market in Iceland on June 23, 2022, thus becoming the first dual-listed Icelandic company on both a United States and Icelandic stock exchange.

About Alvotech

Alvotech specializes in making biosimilars, to improve lives by expanding access to affordable biologic medicines. Founded by Robert Wessman, Alvotech seeks to be a global leader in the biosimilar space by delivering high-quality, cost-effective biologics, enabled by a vertically integrated approach from R&D to fill and finish manufacturing.  To enable global reach, Alvotech has formed a network of strategic commercial partnerships in over 90 countries, including the United States, Canada, Europe, Asia, Latin America, Africa and the Middle East.  Alvotech’s current portfolio of eight biosimilars and biosimilar candidates, includes AVT02, a biosimilar to Humira® which is approved and marketed in Europe (Hukyndra®) and Canada (Simlandi®) and seven biosimilar candidates targeting immunology, oncology, respiratory, bone disease and ophthalmology.  For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.

CONTACTS

Alvotech Investor Relations
alvotech.ir[at]alvotech.com

Alvotech Corporate Communications
alvotech.media[at]alvotech.com

FAQ

What is the significance of Alvotech's new board members?

The new board members enhance the company's governance structure and bring diverse expertise to support its mission.

Who are the new members of Alvotech's Board of Directors?

The new members are Lisa Graver, Arni Hardarson, Linda McGoldrick, and Ann Merchant.

How will the board expansion affect Alvotech's operations?

The diverse expertise of the new members is expected to improve decision-making and operational effectiveness.

When was Alvotech's board expansion announced?

The board expansion was announced recently as part of Alvotech's transition to a publicly traded company.